Ethereum Hits Three-Month Peak: How Whale Sales Affect Prices

user avatar

by Giorgi Kostiuk

2 years ago

The crypto market is experiencing a significant surge, with Bitcoin's new all-time high driving altcoin gains, including Ethereum.

Crypto Market Overview

The crypto market has seen a significant surge in the last two days, with Bitcoin reaching a new all-time high of $75K. This rise has also driven some altcoins to new peaks.

Ethereum's Three-Month High

Ethereum has reached a three-month high, prompting many long-term and dormant whales to take profits. Following a 13.75% surge in Ethereum’s price, three ETH holders began selling. Specifically, two holders sold 33,701 ETH valued at $89.72 million.

Whale Activity and Market Impact

The first of these whales sent 25,000 ETH to Kraken, retaining 64,450 ETH. Another whale, dormant for over eight years, sold 8,701 ETH, leaving behind 2,304 ETH valued at $6.48 million. This increased whale activity raises fears of potential sell-offs that could push ETH prices towards correction.

If the current momentum is maintained, Ethereum could register further gains, potentially reaching the $3000 resistance level. However, recent whale sales could trigger a market correction, with prices possibly declining to $2670.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Binance Introduces 24/7 Foreign Exchange Perpetual Contracts

Binance has launched a new trading model for 24/7 trading of foreign exchange perpetual contracts, starting with a contract linked to the US dollar and Brazilian real.

user avatarLeo van der Veen

Ondo Finance Streamlines Institutional Stock Tokenization

Ondo Finance has introduced a new integration that simplifies the process of institutional stock tokenization by allowing direct contribution of existing equity inventory.

user avatarLi Weicheng

Investigation into Zondacrypto Founder’s Disappearance Intensifies

The investigation into the disappearance of Zondacrypto founder Sylwester Suszek has intensified as Polish police search a fuel depot linked to his last known whereabouts.

user avatarTenzin Dorje

OKX Introduces Shield to Enhance User Security in Europe

OKX has launched a new initiative called OKX Shield aimed at improving exchange security for European users by requiring a hardening checklist for tiered financial protection against account takeovers.

user avatarAisha Farooq

Former Police Officer Charged in Zondacrypto Exchange Collapse

Former police officer Artur K has been charged with multiple offenses related to the collapse of the Zondacrypto exchange, including membership in an organized criminal group and aiding in the misappropriation of funds.

user avatarBayarjavkhlan Ganbaatar

Anchorage Digital Enhances Stablecoin Infrastructure with LayerZero Partnership

Anchorage Digital has partnered with LayerZero to enhance its regulated stablecoin infrastructure, enabling seamless crosschain movement of stablecoins.

user avatarMohamed Farouk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.